Insider Buying: Bakkt (NYSE:BKKT) Director Acquires $1,387,800.00 in Stock

Bakkt Holdings, Inc. (NYSE:BKKT) Director Michael Alfred purchased 180,000 shares of the stock in a transaction on Tuesday, June 9th. The shares were bought at an average price of $7.71 per share, for a total transaction of $1,387,800.00. Following the acquisition, the director owned 805,000 shares of the company’s stock, valued at approximately $6,206,550. The trade was a 28.80% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Michael Alfred also recently made the following trade(s):

• On Wednesday, June 10th, Michael Alfred purchased 100,000 shares of Bakkt stock. The shares were bought at an average price of $7.83 per share, for a total transaction of $783,000.00.
• On Monday, May 18th, Michael Alfred purchased 220,000 shares of Bakkt stock. The shares were bought at an average price of $8.20 per share, for a total transaction of $1,804,000.00.
• On Friday, May 15th, Michael Alfred acquired 365,000 shares of Bakkt stock. The stock was bought at an average price of $8.34 per share, for a total transaction of $3,044,100.00.

Bakkt Trading Up 2.0%

Shares of Bakkt stock opened at $8.52 on Friday. The company’s fifty day simple moving average is $9.10 and its 200-day simple moving average is $11.01. The company has a market cap of $379.90 million, a price-to-earnings ratio of -6.22 and a beta of 5.83. Bakkt Holdings, Inc. has a 1 year low of $6.87 and a 1 year high of $49.79.

Bakkt (NYSE:BKKT) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.31). The company had revenue of $243.59 million during the quarter, compared to analyst estimates of $297.94 million. Bakkt had a negative return on equity of 64.73% and a negative net margin of 8.37%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on BKKT shares. Benchmark lowered their price objective on shares of Bakkt from $40.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, March 18th. Wall Street Zen raised Bakkt from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, Weiss Ratings cut Bakkt from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, April 29th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Bakkt presently has a consensus rating of “Hold” and a consensus price target of $22.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Advisory Services Network LLC bought a new position in Bakkt in the third quarter worth $30,000. Legal & General Group Plc lifted its position in Bakkt by 110.7% in the third quarter. Legal & General Group Plc now owns 982 shares of the company’s stock worth $33,000 after purchasing an additional 516 shares during the period. Northwestern Mutual Wealth Management Co. bought a new position in Bakkt in the third quarter worth $41,000. Russell Investments Group Ltd. lifted its position in Bakkt by 759.1% in the third quarter. Russell Investments Group Ltd. now owns 2,036 shares of the company’s stock worth $69,000 after purchasing an additional 1,799 shares during the period. Finally, BNP Paribas Financial Markets lifted its position in Bakkt by 268.3% in the third quarter. BNP Paribas Financial Markets now owns 2,158 shares of the company’s stock worth $73,000 after purchasing an additional 1,572 shares during the period. 11.11% of the stock is owned by institutional investors.

About Bakkt

Bakkt Holdings, Inc is a digital asset platform that aims to bridge traditional finance and digital assets by offering institutional-grade custody, trading and settlement services. Established in 2018 by Intercontinental Exchange (ICE), the company initially made headlines with the launch of its physically settled Bitcoin futures contracts in 2019. Since then, Bakkt has expanded its product lineup to include spot trading of cryptocurrencies, a secure digital wallet for retail customers and a payment gateway that enables merchants to accept digital assets alongside fiat currencies.

The company’s core offering centers on its custody infrastructure, which is built to meet robust regulatory and security standards.